Editor's note: This brief was summarised by The Property AI Newsroom from a report by Mortgage Solutions. Read the original article for full details.

West Brom Building Society Launches New Mortgage Products and Cuts Rates

West Brom Building Society has expanded its residential mortgage range, introducing new interest-only and discount variable products. The mutual has also reduced rates on selected three-year and five-year fixed-rate purchase products.

West Brom has launched an interest-only two-year fixed-rate purchase mortgage up to 60% loan-to-value (LTV) at 4.66% with a £999 fee. A corresponding remortgage product is available up to 60% LTV, priced at 4.88% with a £999 fee and £500 cashback.

The new discount variable products allow borrowers to benefit from any future reductions to the society’s standard variable rate (SVR). The purchase product is available on a two-year term up to 90% LTV at 4.49% with a £999 fee. The remortgage option is available up to 90% LTV at 4.60% with a £1,499 fee and £500 cashback.

In addition to these launches, West Brom has reduced rates on selected products within its core three-year and five-year fixed-rate purchase range by up to 0.24%.

These changes may be of interest to letting agents and inventory clerks monitoring mortgage product trends and rate changes that could impact the residential property market.